Recently crypto millionairesof the Porto RicoThe news that he is flocking to .
The main factor triggering such a trend is undoubtedly not only the beaches of Puerto Rico and the magnificent climatic conditions. The main reason why famous rich people show interest in the island tax applications. With this application, millionaires can avoid taxes in Puerto Rico while taxing up to 37 percent in the USA.
However, not everyone is happy with this interest. So much so that yesterday, Brooklyn MP Nydia Velazquez made a harsh statement on the subject.
Complaining that Puerto Rico has become a haven for wealthy crypto speculators, Velaquez has called for tougher action against the crypto millionaires in question.
Puerto Ricans Are Reactive, Too
Tax law in the country brings benefits for Puerto Rico, but it also brings some problems.
The public is also very reactive about it. The call to action initiated by Velazquez quickly found support on Twitter. “You will not be allowed to carelessly gentrify the island by driving Puerto Ricans away from Puerto Rico to create your own private playground.” said, a Puerto Rican resident shared a tweet revealing how much the public is suffering from this condition.
Can they “help”? This is asinine….the IRS has authority to do this as it stands, so does the PR tax authority (Hacienda). I have never seen such lunacy. If you audit those granted exemption, you will find many do not meet criteria. It’s not simply having a house here pic.twitter.com/7L4XuuFbZC
— Raoul Kountz (@raoulkountz) February 8, 2022
There have been calls by many for a more nuanced law, noting that the law that attracts millionaires to Puerto Rico supports not just crypto holders but those seeking a tax haven in general.
The governor of Puerto Rico, on the other hand, passed the 2020 law, which makes it more expensive to apply for tax exemption.